Bitmine Adds Another 10,399 ETH, Calls Itself Undervalued, Buys Itself Back 🍷

Bitmine Immersion Technologies said Monday it acquired 10,399 Ether (ETH) over the past week, extending a year-long buying streak that has made the firm the largest corporate holder of Ethereum. The latest purchase is valued at roughly $19.5 million, based on a price of about $1,880 per ETH, according to CoinGecko. Bitmine now holds 5,797,813 ETH, worth approximately $10.9 billion, with the stash representing 4.8% of Ethereum's circulating supply and putting the company 96% of the way toward its stated target of acquiring 5% of all ETH.

The company also disclosed that it repurchased 4.5 million shares of its common stock during the week, bringing total buybacks since July 1, 2026, to 16.1 million shares under a previously authorized $4 billion share repurchase program. Bitmine Chairman Tom Lee framed the repurchase as a reflection of management's view that the company's shares are undervalued. "Since Bitmine pivoted to an Ethereum Treasury strategy on June 30 of last year, sizable outperformance of ETH vs QQQ (monthly) has typically been followed by Bitmine's shares outperforming ETH over the following month," Lee said. "Hence, Bitmine repurchased 4.5 million shares of common stock in the past week, as Bitmine's management team continues to view Bitmine shares as attractively valued." Lee added that "this buyback remains the largest ever executed by any Ethereum, Bitcoin, or crypto DAT (Digital Asset Treasury)."

In addition to its ETH holdings, Bitmine reported holding 209 BTC worth $173 million in cash and marketable securities, plus equity stakes in Beast Industries and Eightco Holdings. Combined, the company's crypto, cash, securities and other investments are valued at $11.3 billion. Bitmine said about 4.9 million ETH, roughly 85% of its holdings, are staked through its institutional staking platform MAVAN, with annualized staking revenue projected at $247 million, depending on future network conditions and other assumptions.

Lee also pointed to Ethereum's recent market performance, noting that ETH outperformed the Nasdaq 100 by 25 percentage points in July, the largest outperformance since July 2025. "This is the largest outperformance since July 2025, and we believe it is reflective of the strengthening fundamentals of crypto," he said. Bitmine shares were down nearly 2% amid the disclosure.